The former head of HSBC Bank's foreign exchange cash trading was sentenced Thursday to two years in prison on charges he traded ahead of his customers to make millions of dollars in a scheme known as "front running." "Mark Johnson exploited confidential information and betrayed a client in order to generate profits for HSBC and enrich himself," said U.S. Attorney Richard Donoghue. "Johnson has been held accountable for his crimes and today's sentence should serve as a deterrent to fraudsters seeking to cheat their victims." Johnson, 51, a United Kingdom citizen, was sentenced in Brooklyn federal court after being convicted in October 2017 of wire fraud conspiracy and wire fraud. During the trial, Johnson insisted the client got a fair price and that HSBC was only "pre-hedging" the trade.

Source: ABC News April 26, 2018 20:41 UTC